South Korean private equity house Hahn & Co has agreed to acquire SK Chemicals’ biofuel business for 382.5 billion won ($322.2 million) in a cash transaction.
The sale of the business, which makes biodiesel and bio-heavy oil, is expected to boost management efficiency of SK Chemicals and enable it to focus on investment for future growth engines of eco-friendly materials and life science, the company said.
The acquisition is slated for completion on May 31 if SK Chemical shareholders approve the transaction in its extraordinary meeting next month.
SK Chemicals reportedly occupied a third of biodiesel market share by the end of 2018. Biodiesel was said to account for around 20 per cent of the company’s annual revenue in the year.
SK Chemicals is present in bio-materials, composites, high-performance materials, energy-saving materials and life science businesses.
This is the fourth SK Group unit that Hahn & Co has acquired following the most recent $3.7-billion acquisition of SK Shipping, used car retailer SK Encar and SK D&D, a real estate and renewable energy developer.
Founded in 2010 by former Morgan Stanley and Sony Korea executives, the private equity firm manages over $6 billion of assets. The buyout firm closed a $3.2-billion fundraise for its third Korea investment fund and a co-investment vehicle in 2019.
By Nguyen Thi Bich Ngoc
Source: Deal Street Asia
A British company is today launching a household cleaner which destroys the SARS-CoV-2 virus – which causes COVID-19 – in just 60 seconds. Cert. is manufactured by Hydrachem, which has […]
The European Commission presented today its 2030 climate target plan, in which it sets out a program to reduce EU greenhouse gas (GHG) emissions by at least 55% by 2030, […]
Dow has agreed to sell three of its chemical storage terminals on the US Gulf Coast for $620 million to a joint venture (JV) between Vopak (Rotterdam, Netherlands) and investment […]